What happens when a Suspicious Activity Report is filed on one of your bank transactions?
What happens when a Suspicious Activity Report is filed on one of your bank transactions?
When, and What is the process of them figure out how you got the money, what its for, whether they tell the FBI, or whether they start a criminal investigation, etc?
Is there something I enjoy to do, or report to the IRS personally when I make transactions like these?
I withdraw 8k a few days ago in one shot which I made off my online eBook business and just started erudition about he BSA and now I'm worried.
Last dude not even close. http://www.fincen.gov/forms/f9022-47_sar... that is the site for a SAR that you are refering to. If they Filed a SAR you would never know more or less it. It is against the law for them to actually tell you they are file a SAR. Now a Currency Transaction Report is different. go to www.fincen.gov look under BSA filing and forms. Each form is open by adobe with specific instructions for the fincancial institution. Just FYI
Here's the deal, banks are required to submit suspicious hobby to the FBI. Any cash amount below $10,000 all the way down to $5,000. Suspicious amusement is usually defined as repeated cash transactions just below $10,000. One cash withdrawl below this amount would not be considered suspicious pursuit unless there is something else going on with your account. Any currency amount over $10,000 is automatically required to be reported. This came into being because of money laundering issues next to drugs/guns, etc. As long as your transaction was legitimate, then you own nothing to worry about.
